Full text of H.6 Money Stock Measures : June 29, 1989

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v'.cLCo^

FEDERAL RESERVE statistical release
H.6 (5U«i
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

JUNE 29, 198-

Billions of dollars
M1 J

Date

M2<

Debt5

M3 J
Seasonally adjusted

1987-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

741.3
742.8
745.6
747.9
757.3
754.6
752.3

2848.
2856.
2869.
2885.
2902.
2904.
2909.

3579.
3588.
3610.
3630.
3655.
3670.
3677.

4231.
4237.
4262,
4293,
4327,
4337,
4340,

7942.2
7987.4
8043.7
8108.7
8177.8
8256.0
8310.7

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

758.4
760.1
763.8
771.2
771.1
776.5
782.5
782.4
783.7
785.4
786.6
790.3

2930.5
2950.8
2969.3
2990.3
2999.8
3013.1
3023.
3029.
3035.
3042.
3059.
3069.

3701.5
3731.0
3755.5
3779.2
3794.3
3815.3
3837.8
3849.8
3858.9
3875.6
3896.0
3913.0

4376.
4405.
4435.
4474.
4502.
4520.
4563.8
4582.3
4590.1
4610.9
4637.3
4673.5

8354.5
8412.5
8478.4
8540.2
8599.5
8659.1
8718.8
8784.3
8850.0
8912.4
8988.6
9052.1

1989-JAN.
FEB.
MAR.
APR.
MAY

786.3
787.4
786.3
783.2
773.4

3065.7
3069.2
3078.7
3081.3
3072.8

3918.1
3927.7
3949.5
3957.6
3954.3

4677.2
4689.7
4723.0
4739.2 p

9107.2
9172.3
9229.4
9286.0 p

Not seasonally adjusted
1987-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

744.6
747.0
745.2
745.5
754.1
756.5
766.4

2850.0
2863.2
2869.8
2878.9
2899.1
2903.9
2918.7

3578.8
3590.2
3609.9
3628.4
3653.1
3674.8
3688.5

4231.3
4230.8
4257.2
4288.0
4323.5
4344.7
4354.5

7910.7
7960.1
8015.2
8080.3
8148.1
8222.2
8292.8

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

765.2
745.5
752.6
779.1
764.6
779.9
786.9
782.3
781.0
782.1
788.3
804.4

2941.
2938.
2962.
3001.
2990.
3015.
3031.
3030.
3028.
3038.
3057.
3077.

3710.
3719.
3749.
3785.
3784.
3815.
3839.
3850.
3857.
3873,
3901
3922.8

4392.3
4401.5
4432.0
4477.7
4490.8
4520.5
4555.8
4577.1
4585.2
4606.9
4645.0
4687.0

8337.2
8375.9
8440.7
8503.1
8562.2
8626.7
8684.5
8744.5
8815.9
8880.9
8957.5
9037.5

1989-JAN.
FEB.
MAR.
APR.
MAY

793.0
772.3
775.1
791.3
767.2

3076.
3056.
3072.
3092.
3063.

3925.6
3915.6
3944.3
3963.2
3944.2

4693.8
4686.6
4719.6
4741.0 p

9091.2
9136.4
9190.2
9248.9 p

Footnotes appear on the following page,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

Debt 1

Ml

M2

M3

1989

-7.1

0.5

2.7

1989

-3.4

0.9

3.0

8.4

1989

0.3

2.4

4.2

8.7

MAR. 20, 1989 (13 weeks previous)

-5.1

1.2

3.3

DEC. 19, 1988 (26 weeks previous)

-2.4

1.8

3.6

JUNE 20, 1988 (52 weeks previous)

0.8

2.7

4.5

3 Months from FEB. 1989 TO MAY
6 Months from NOV. 1988 TO MAY
12 Months from MAY

1988 to MAY

7.9

Thirteen weeks ending JUNE 19* 1989
from thirteen weeks ending:

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the naonetary aggregates, namely,
January 1989 to April 1989, October 1988 to April 1989, and April 1988 to April 1989, respectively.
Footnotes to Table 1
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions,
(2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collectiiDn
and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal CNDH) and
automatic transfer service (ATS) accounts at depository institutions, credit union snare draft^accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued
to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both
taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks*
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component A S a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by commercial banks and thrift institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt
oney market mutual funds. Excludes amounts held by depository institutions* the U.S. government, money
institution-only money
RPs and
market funds, and fore ion banks and official institutions. Also subtracted is the estimated amount of overnight
„,
Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its nonnM2
component as a whole and then adding this result to seasonally adjusted HZ,
Consists of M3 plus the nonbank public holdings of U.S. savings bonds* short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings erf these assets.
Debt of domestic nonfinancial sectors consists of .outstanding credit ^market .debt of the U.S. government* state and local
governments and private nonfinancial sectors. Private iJebt consists of ^Donpcrrate bonds, mor&oages* consumer credit
( including bank loans), other bank loans, commercial paper* bankers acceptances and other debt instruments.
The data are derived from the Federal tteseroe Jcoard's ^fJLow of funds accounts. All data on debt of domestic nonfinancial
sracters are (presented im inonth-average ifcorrm, 'derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quartei—end
basis and include discontinuities.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted

Period er*ding

13-week
average

4-week
average

1989-MAR. 27

787.1

787.4

M3

M2

Ml
13-week
average

4-week
average

787.1

3070.7

3079.0

week
average

13-week
average

4-week
average

3076.5

3930.3

3949.4

3954.3

week
average

week
average

APR.

3
10
17
24

786.4
786.1
785.8
785.9

784.8
784.2
782.8
782.8

780.9
782.0
781.2
787.0

3071.8
3073.2
3074.7
3075.8

3079.0
3080.9
3081.4
3082.4

3081.2
3083.5
3084.5
3080.5

3933.0
3936.1
3939.2
3942.4

3951.8
3955.8
3956.4
3957.3

3951.9
3959.4
3959.9
3958.1

MAY

1
8
15
22
29

785.5
784.4
783.5
782.2
781.1

782.9
780.7
778.6
774.9
772.9

781.5
772.9
773.0
772.2
773.6

3076.3
3076.8
3077.3
3077.4
3077.6

3080.2
3076.8
3073.4
3071.5
3072.6

3072.2
3070.0
3070.8
3073.0
3076.4

3945.0
3947.6
3950.4
3951.7
3953.4

3957.3
3955.0
3954.0
3952.8
3954.1

3951.6
3950.3
3955.9
3953.3
3956.9

JUNE

5
12p
19p

779.9
778.8
777.3

773.7
772.9
771.9

776.1
769.6
768.3

3077.4
3078.4
3079.2

3075.1
3079.5
3084.5

3080.0
3088.6
3092.9

3955.1
3957.2
3958.9

3957.3
3961.3
3967.7

3963.2
3971.8
3979.0

Not seasonally adjusted
Ml

Period em ding

13-week
average

4-week
average

1989-MAR. 27

782.7

775.7

M2
week
average

13-week
average

4-week
average

765.9

3069.1

3071.1

M3
week
average

13-week
average

4-week
average

3060.4

3928.3

week
average

3942.8

3940.3

APR.

3
10
17
24

779.8
778.0
778.0
778.7

774.6
779.3
785.6
791.8

780.5
796.6
799.4
790.8

3069.2
3069.7
3071.2
3072.5

3074.5
3083.7
3091.8
3097.5

3090.3
3110.3
3106.0
3083.3

3930.0
3932.6
3935.4
3938.1

3948.6
3958.1
3964.5
3967.3

3962.4
3981.3
3974.0
3951.6

MAY

1
8
15
22
29

779.8
779.4
779.2
778.4
777.9

791.2
786.2
779.3
771.7
766.2

777.9
776.7
771.7
760.4
755.8

3074.0
3074.5
3075.0
3075.3
3075.9

3090.9
3079.8
3069.7
3063.9
3062.1

3063.8
3066.2
3065.5
3060.0
3056.8

3941.3
3943.6
3945.9
3947.6
3950.1

3961.1
3951.7
3944.7
3942.1
3943.2

3937.5
3943.8
3945.7
3941.5
3941.9

JUNE

5
12p
19p

777.8
778.0
778.1

767.9
770.0
773.8

783.5
780.2
775.7

3076.9
3079.0
3080.8

3068.2
3076.9
3086.2

3090.6
3100.2
3097.2

3952.6
3955.6
3958.1

3950.2
3959.6
3969.3

3971.8
3983.1
3980.4

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to
revision.
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Nontransactions
components

Date

Currency

l

Travelers
checks2

Demand
deposits3

Other
checkable4
deposits

In M2

5

In M3
only*

Savings deposits7
At
commercial
banks

Small time deposi ts«

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Total

1988-JAN.
FEB.
MAR.

198.5
199.4
200.7

7.2
7.3
7.2

289.4
288.1
288.4

263.4
265.4
267.5

2172.2
2190.7
2205.5

770.9
780.2
786.2

179.5
181.3
183.3

237.6
237.5
238.1

417.0
418.8
421.5

388.7
393.7
398.1

536.8
548.7
554.7

925.4
942.4
952.8

APR.
MAY
JUNE

202.4
203.4
204.7

7.2
7.3
7.3

290.3
288.1
289.8

271.2
272.2
274.7

2219.1
2228.8
2236.6

788.9
794.4
802.2

184.5
186.0
187.7

238.8
239.3
239.8

423.3
425.2
427.6

403.2
406.2
409.3

560.2
564.8
566.4

963.4
971.0
975.7

JULY
AUG.
SEP.

206.4
207.0
208.6

7.2
7.2
7.3

290.4
289.9
288.8

278.5
278.3
279.0

2241.4
2247.3
2251.3

813.9
820.1
823.9

189.1
190.0
190.1

240.5
240.9
240.3

429.7
430.9
430.5

412.9
417.4
423.6

568.1
570.9
575.1

981.0
988.3
998.7

OCT.
NOV.
DEC.

209.7
210.5
211.8

7.4
7.5
7.6

288.9
287.7
288.6

279.4
281.0
282.3

2256.8
2272.7
2279.2

833.4
836.7
843.6

189.8
192.8
192.5

239.4
239.1
238.8

429.2
431.8
431.3

430.9
436.4
443.1

578.8
581.4
582.2

1009.7
1017.8
1025.2

1989-JAN.
FEB.
MAR.

213.4
214.3
215.6

7.6
7.5
7.3

284.0
284.8
284.3

281.3
280.9
279.1

2279.4
2281.8
2292.4

852.4
858.5
870.8

190.8
190.3
188.6

237.0
234.3
232.2

427.8
424.6
420.8

451.0
461.0
472.0

584.7
587.4
589.0

1035.7
1048.3
1061.0

APR.
MAY

215.9
216.4

7.3
7.3

281.5
278.2

278.5
271.5

2298.1
2299.4

876.4
881.5

185.6
182.5

227.3
222.4

412.9
404.9

485.6
497.2

597.6
608.9

1083.2
1106.1

216.4

7.3

282.8

280.5

2293.5

877.5

184.6

225.9

410.5

487.3

600.2

1087.5

2290.6
2297.1
2297.8
2300.8
2302.9

879.4
880.4
885.0
880.3
880.5

184.3
183.3
182.6
182.2
181.9

223.9
223.3
222.8
222.1
221.6

408.2
406.6
405.4
404.3
403.5

490.4
493.7
496.5
498.7
499.7

602.0
604.9
607.7
610.4
612.5

1092.4
1098.6
1104.2
1109.1
1112.2

2303.9
2319.0
2324.6

883.2
883.2
886.1

181.9
181.5
181.5

221.2
221.0
220.9

403.1
402.5
402.4

500.6
501.9
503.1

614.0
616.7
618.8

1114.6
1118.5
1122.0

Week ending
1989-APR. 24
MAY

1
8
15
22
29

216.3
215.8
216.0
216.6
216.9

7.3
7.3
7.3
7.3
7.3

281.5
278.5
279.7
277.4
276.8

276.4
271.4
270.0
270.9
272.6

JUNE

5
12p
19p

216.7
216.9
217.5

7.3
7.3 e
7.3 e

277.8
275.4
273.9

274.3
270.0
269.7

1.
2.

Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included
in demand deposits.
3.
Demand deposits at commercial banks and foreign-re la ted institutions other than those due to depository institutions) the U.S. government and foreign
banks and official institutions> less cash items in the process of collection and Federal Reserve float.
4.
Consists of NON and ATS balances at all depository institutions* credit union share draft balances and demand deposits at thrift institutions.
5.
Sum of overnight RPs and overnight Eurodollars* money market fund balances (general purpose and broker/dealer)* MMDAs* and savings and small time
deposits. This sum is seasonally adjusted as a whole.
6.
Sum of large time deposits* term RPs and term Eurodollars of U.S. residents* money market fund balances (institution-only)* less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole.
7.
Savings deposits exclude MMDAs.
8.
Small denomination time deposits—includina retail RPs—are those issued in amounts of less than $100*000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
e—indicates estimated data,
p—indicates preliminary data.




H.6 (508)
Table ^-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Large time deposits1
At
commercial
banks 2

Date

At
thrift
institutions

Debt components6

Non-M3 components of L

Total

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances*

Commercial
paper5

Federal
debt

Non-federal
debt

1988-JAN.
FEB.
MAR.

323.7
328. 4
331.0

163.3
163.9
165.3

487.0
492.3
496.3

101.3
102.5
103.4

260.6
256.9
255.2

43.7
41.0
41.1

269.0
274.2
280.3

1963.6
1981.0
2006.2

6391.0
6431.5
6472.2

APR.
MAY
JUNE

331.8
334.1
339.6

167.4
168.2
168.2

499.2
502.4
507.8

104.4
105.3
106.0

261.8
264.6
257.7

41.4
41.1
40.7

287.6.
297.8
300.4

2018.2
2023.2
2033.3

6522.0
6576.4
6625.8

JULY
AUG.
SEP.

345.5
350.8
355.0

168.5
168.6
171.7

514.0
519.4
526.7

106.8
107.4
107.9

268.7
272.6
272.8

40.7
41.2
41.7

309.8
311.3
308.8

2042.7
2059.5
2079.9

6676.1
6724.8
6770.1

OCT.
NOV.
DEC.

359.2
361.2
364.9

172.8
173.2
172.9

532.0
534.4
537.7

108.4
108.7
109.1

273.3
268.4
275.0

41.3
40.5
40.6

312.3
323.7
335.8

2088.8
2100.6
2114.0

6823.6
6888.0
6938.1

1989-JAN.
FEB.
MAR.

370.7
378.2
385.5

173.7
173.4
173.4

544.4
551.6
558.8

109.7
110.6
111.5

274.0
267.3
271.6

40.6
39.9
41.2

334.9
344.2
349.2

2122.3
2140.4
2162.6

6984.9
7032.0
7066.7

APR.
MAY

392.6
395.7

175.2
176.3

567.7
572.0

112,3 p

273.7 p

41.4 p

354.2 p

2171.8 p

7114.3 p

Heek ending
1989-APR. 24

394.8

176.5

571.2

MAY

1
8
15
22
29

393.2
396.3
395.8
395.3
396.0

174.7
176.2
176.3
176.3
176.6

567.9
572.5
572.2
571.6
572.6

JUNE

5
12p
19p

395.2
397.3
398.8

177.2
177.0
176.5

572.3
574.3
575.3

Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking
facilities.
Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and
foreign banks and official institutions.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository
institutions, Federal Reserve Banks, money market mutual funds and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks,
and money market mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities,
-indicates preliminary data.




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted

Other checkable deposi ts

Currency

Date

1

Demand
Travelers
checks 2 deposits3

At
commercial
banks*

At
thrift
institutions5

Nontransactions
components

Total

In M2

6

In M3
only 7

Overnight
RPs 8

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

1988-JAN.
FEB.
MAR.

197.0
197.1
199.1

6.6
6.8
6.9

295.9
279.1
279.9

184.3
182.0
184.2

81.4
80.4
82.5

265.7
262.4
266.7

2176.0
2192.8
2209.7

768.9
780.8
787.6

64.4
61.5
59.7

18.4
16.4
14.8

225.2
231.0
234.8

APR.
MAY
JUNE

201.6
203.6
205.7

6.9
7.1
7.6

292.1
283.1
291.3

191.2
185.1
187.6

87.3
85.7
87.6

278.5
270.8
275.3

2222.3
2225.5
2235.6

784.0
794.0
800.1

60.2
63.2
63.7

15.5
17.2
17.2

235.8
231.8
228.9

JULY
AUG.
SEP.

208.0
207.9
208.0

8.2
8.2
7.9

293.1
289.0
287.4

188.7
188.8
189.7

88.9
88.4
88.1

277.7
277.2
277.8

2244.6
2248.2
2247.5

807.9
820.2
828.5

62.0
64.1
62.6

15.6
15.8
14.7

229.6
230.8
231.0

OCT.
NOV.
DEC.

209.0
211.3
214.9

7.5
7.1
6.9

288.7
290.0
298.8

189.0
191.3
195.0

88.0
88.6
88.7

276.9
279.9
283.7

2256.3
2269.6
2272.8

834.9
843.3
845.7

62.1
62.6
64.9

13.9
13.0
13.4

231.3
237.4
239.4

1989-JAN.
FEB.
MAR.

211.8
211.9
213.9

7.0
7.1
7.0

290.5
275.7
275.8

196.3
192.2
192.5

87.5
85.4
85.8

283.7
277.6
278.3

2282.9
2284.4
2297.0

849.6
859.0
872.2

65.0
63.7
62.9

16.6
15.1
14.3

241.7
247.2
256.0

APR.
MAY

215.1
216.6

7.0
7.1

283.3
273.3

197.4
186.1

88.5
84.1

286.0
270.2

2301.5
2296.1

870.3
880.8

59.5
57.9

14.4
14.7

260.2
259.9

214.3

7.0

282.4

199.4

87.7

287.0

2292.5

868.3

57.3

13.4

261.0

277.5
276.9
270.6
267.4
264.6

2286.0
2289.5
2293.8
2299.6
2301.0

873.7
877.7
880.2
881.5
885.1

57.2
57.9
57.3
58.2
58.2

13.5
13.9
14.4
15.1
15.7

258.
257.
258.
261.
261.8

276.3
275.9
272.6

2307.0
2320.0
2321.6

881.2
882.9
883.2

57.6
61.2
61.3

14.3
14.0
14.6

262.
264.
266.

Meek ending
1989-APR. 24
MAY

1
8
15
22
29

214.2
217.4
216.8
216.4
216.7

7.0
7.0
7.1
7.1
7.2

279.3
275.4
277.3
269.5
267.4

191.8
190.1
186.3
184.4
182.9

85.7
86.8
84.2
83.0
81.7

JUNE

5
12p
19p

218.2
219.2
218.4

7.2
7.4 e
7.6 e

281.8
277.8
277.1

189.6
189.5
187.7

86.7
86.3
84.9

1.
2.

Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreian-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual
funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e--indicates estimated data.
p--indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted^
Savings deposits11

Money market deposit accounts

Small-denomination time deposits2

Large-denomination time deposits3
At
At
commercial
thrift
banks4
institutions

banks

At
thrift
institutions

Total

1988-JAN.
FEB.
MAR.

359.5
359.8
361.5

165.5
163.8
164.0

525.0
523.6
525.5

178.1
179.4
182.5

234.4
233.8
236.7

412.5
413.2
419.2

390.2
395.0
398.7

540.3
552.2
557.0

930.5
947.1
955.8

323.6
328.2
332.5

164.3
164.7
165.2

487.9
492.9
497.8

APR.
MAY
JUNE

361.0
357.8
360.7

163.3
162.7
162.5

524.2
520.5
523.2

185.0
187.1
189.6

239.4
240.6
242.7

424.5
427.7
432.3

401.4
403.3
407.6

560.8
561.8
562.9

962.2
965.1
970.5

330.1
333.2
338.2

166.0
167.3
166.6

496.1
500.5
504.8

JULY
AUG.
SEP.

360.3
357.7
354.5

161.6
160.0
157.0

522.0
517.7
511.4

191.5
191.0
189.8

244.5
242.8
241.1

436.0
433.7
430.9

412.5
417.2
424.2

566.8
568.8
572.7

979.4
986.0
996.9

342.9
351.3
357.0

166.5
167.9
172.2

509.5
519.2
529.1

OCT.
NOV.
DEC.

353.0
354.1
352.5

154.5
152.6
150.3

507.5
506.7
502.7

190.2
192.2
190.3

240.7
238.2
235.6

430.9
430.4
425.9

431.3
437.7
444.1

579.3
581.8
582.4

1010.6
1019.5
1026.5

360.8
362.3
365.6

174.7
174.9
174.0

535.4
537.3
539.6

1989-JAN.
FEB.
MAR.

348.3
342.5
340.1

146.8
142.9
140.2

495.2
485.3
480.3

189.3
188.2
187.8

233.6
230.5
230.7

422.8
418.7
418.5

453.0
462.8
473.0

588.5
591.6
592.0

1041.6
1054.4
1065.0

370.3
378.1
387.0

174.9
174.3
173.2

545.2
552.4
560.2

APR.
MAY

336.3
327.1

135.0
129.9

471.3
456.9

186.2
183.7

227.9
223.8

414.1
407.4

483.6
493.5

598.5
605.8

1082.1
1099.2

390.5
394.4

173.7
175.2

564.1
569.6

1989-APR. 24

333.1

132.9

466.0

184.6

225.2

409.8

485.3

599.7

1085.0

390.6

173.7

564.3

MAY

1
8
15
22
29

329.3
327.5
327.5
326.8
326.1

131.4
130.9
130.2
129.5
129.0

460.7
458.4
457.7
456.3
455.1

184.1
184.1
183.8
183.6
183.2

224.2
224.8
224.5
223.5
222.5

408.3
408.9
408.2
407.2
405.7

487.1
490.0
492.6
494.7
496.3

601.2
603.1
604.9
606.6
608.3

1088.3
1093.1
1097.4
1101.3
1104.6

390.4
393.4
393.5
394.6
397.0

174.5
175.4
175.4
174.9
175.3

564.9
568.7
569.0
569.5
572.2

JUNE

5
12p
19p

328.4
329.9
328.1

129.4
130.3
129.6

457.8
460.2
457.8

183.7
183.8
183.1

223.8
224.2
223.5

407.5
408.0
406.7

497.5
499.2
500.7

609.9
612.5
613.9

1107.3
1111.7
1114.6

394.8
395.9
396.0

175.3
175.2
174.5

570.1
571.2
570.5

<commercial
Date

At
At
thrift
commercia.1
institutions
banks

Total

At
At
commercial
thrift
banks
institutions

Total

Total

Heek ending

Savings deposits exclude MMDAs.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions,
-indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1
InstitutionAt
only money commercial
thrift
i
market funds
banks
institutions

Date

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances*

Commercial
paper5

Federal
debt

Non-Federal
debt

1988-JAN.
FEB.
MAR.

94.4
98.7
97.4

38.7
43.6
43.9

71.2
70.5
68.1

109.9
114.2
112.0

85.4
85.3
89.6

101.7
102.7
103.6

264.7
262.9
257.5

43.4
41.0
40.4

272.5
275.8
280.5

1962.9
1975.7
1994.5

6374.3
6400.2
6446.2

APR.
MAY
JUNE

91.9
90.0
86.3

44.9
47.0
47.9

69.8
73.9
76.4

114.7
121.0
124.3

88.7
91.5
92.9

104.6
105.4
105.9

262.0
259.4
254.1

40.9
41.1
41.0

285.0
300.8
303.8

2003.1
2006.9
2016.5

6500.0
6555.3
6610.2

JULY
AUG.
SEP.

84.8
84.0
83.7

46.5
45.0
42.5

79.1
78.8
79.8

125.6
123.8
122.3

95.8
101.5
101.2

106.5
106.9
107.6

261.4
269.0
270.4

40.8
41.2
41.9

307.8
309.3
308.3

2024.1
2037.6
2056.6

6660.4
6706.9
6759.3

OCT.
NOV.
DEC.

84.6
87.4
87.6

42.9
45.1
40.0

81.9
82.4
83.0

124.7
127.5
123.1

98.6
100.5
104.6

108.3
108.7
109.2

270.7
274.3
281.5

41.5
40.9
40.9

313.1
320.0
332.5

2069.0
2090.0
2111.8

6811.9
6867.5
6925.7

1989-JAN.
FEB.
MAR.

89.3
89.6
87.6

40.5
44.3
45.9

83.5
82.8
83.5

124.1
127.1
129.4

99.9
99.8
105.5

110.1
111.0
111.7

278.5
273.9
273.7

40.2
39.8
40.4

339.4
346.3
349.4

2121.4
2133.6
2149.0

6969.9
7002.8
7041.2

APR.
MAY

87.7
91.6

43.5
42.7

83.6
84.9

127.0
127.6

101.4
101.4

112.4 p

273.7 p

41.0 p

350.8 p

2155.1 p

7093.8 p

1989-APR. 24

87.3

42.0

83.7

125.7

100.4

MAY

1
8
15
22
29

87.9
89.3
90.6
93.1
93.3

43.2
41.5
43.2
42.8
43.3

84.3
84.8
84.6
84.8
85.1

127.5
126.3
127.8
127.6
128.4

102.1
102.0
102.0
100.9
101.0

JUNE

5
12p
19p

93.2
94.1
95.2

42.2
41.7
42.1

86.1
86.5
85.8

128.3
128.2
127.8

99.6
99.5
99.8

Neek ending

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount
?f overnight RPs at thrift institutions.
Term Euro do 11a rs are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions. Federal
Reserve Banks, money market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market
mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities,
6.
P- -indicates preliminary data.




H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to

Foreign
Foreign
<commercial official
banks
institutions

Date

U.S. government depotsits
Time and savings
deposits due to
foreign banks
and official
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
deposits
At
At
at commercial commercia 1
thrift
banks
banks
institutions

At
money
market
funds

Total

1988-JAN.
FEB.
MAR.

10.1
9.4
9.3

1.7
1.6
1.6

4.2
4.2
4.2

4.1
3.1
3.6

5.6
3.8
2.9

20.8
25.1
18.7

30.5
32.1
25.2

1.6
1.6
1.6

83.9
84.7
85.5

110.0
111.2
113.2

16.6
16.8
17.1

210.6
212.8
215.8

APR.
MAY
JUNE

9.1
9.2
9.6

1.9
1.7
1.8

4.3
4.2
4.2

5.3
3.3
4.3

5.1
7.2
4.1

16.4
27.1
16.7

26.8
37.5
25.0

1.6
1.6
1.7

87.3
88.8
89.4

115.4
116.5
117.7

18.0
18.6
18.4

220.7
223.9
225.5

JULY
AUG.
SEP.

10.0
9.3
9.6

1.9
1.7
1.6

4.3
4.3
4.3

3.4
3.0
4.1

3.9
3.2
7.4

18.6
8.9
20.4

25.9
15.1
32.0

1.7
1.6
1.5

90.2
91.2
91.8

119.0
119.5
120.5

18.5
18.7
18.7

227.7
229.4
231.0

OCT.
NOV.
DEC.

9.2
9.4
9.7

1.6
1.8
1.9

4.3
4.3
4.2

3.2
3.4
4.2

6.2
5.2
5.5

24.5
12.8
18.7

34.0
21.5
28.4

1.5
1.5
1.6

92.5
93.3
93.9

121.5
121.8
122.6

18.8
19.6
20.5

232.9
234.7
237.0

1989-JAN.
FEB.
MAR.

9.5
9.5
9.0

1.8
1.8
1.7

4.2
4.2
4.1

4.0
3.7
3.8

8.1
5.8
5.2

21.0
22.2
14.3

33.1
31.7
23.3

1.5
1.5
1.5

95.1
96.2
97.4

123.7
124.3
125.4

20.7
21.2
21.6 e

239.5
241.7
244.3 e

APR.
MAY

9.0
8.9

1.7
1.7

4.1
4.2

5.2
3.3

8.9
14.1

15.0
31.0

29.0
48.5

1.6
1.6

99.9
101.8

127.3
128.4 e

22.2 e
22.9 e

249.4 e
253.2 e

1989-APR. 24

8.6

1.7

4.2

5.7

7.9

23.1

36.7

1.6

MAY

1
8
15
22
29

9.1
9.0
8.5
8.6
8.9

1.7
1.6
1.7
2.0
1.5

4.1
4.2
4.1
4.2
4.2

5.7
4.1
3.1
3.0
2.6

18.8
23.2
19.9
9.4
5.9

30.6
31.8
31.8
32.3
31.8

55.2
59.1
54.7
44.6
40.3

1.6
1.6
1.6
1.5
1.5

JUNE

5
12p
19p

11.3
10.0
9.0

1.6
1.9
1.8

4.1
4.2
4.2

3.8
3.3
7.9

5.4
5.5
5.9

18.2
9.2
22.2

27.5
18.0
36.1

1.5
1.5
1.5

Heek ending

e—indicates estimated data,
p—indicates preliminary data.